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Canada Startup Visa Vs. UK Tier 1 Entrepreneur Visa

Canada and the UK are constantly viewed as among most desirable nations where a businessperson would seek to start a business.

Canada has got 15 immigration programs for entrepreneurs and business owners while the UK has got one.

Below are the points that covers the requirement of UK Tier 1 Entrepreneur Visa and Canada Startup Visa as they had got few similarities and also got some important differences.

Securing the Capital

Canada Startup Visa

The startup visa program of Canada is a innovative program that intends to give entrepreneurs with tools that are important for building new projects that are scale able and that would sell extremely on an foreign trade.

Applicants need to secure fundings from particular Venture Capital firms which his 95,000 pounds or Angel which is 36,000 pounds.

Applicants could now get a startup visa of Canada by showing that they had been accepted in a program of business incubator and got Commitment letter.

Since the start of this program, the applicant numbers for this startup visa program has raised and had also started to view huge potential of this startup visa program.

UK Tier 1 Entrepreneur

You could apply if you got access to 50,000 pounds in funds for investment from the following:

UK funding competition of entrepreneurial seed endorsed by the UK Investment and Trade.

UK government makes funding available for purpose of establishing or enlarging a business in the UK.

If you are from non UK nation, you could apply for if your funds are from a venture capital company enrolled with the Authority of Financial Conduct (FCA).

A potential entrepreneur visa is there for those who require to visit the UK for securing funding from a venture capitalist company.

You could also apply if you have invested 50,000 pounds in the business of the UK. You should have invested a year before you apply.

The fund regulations are different if you are residing in the UK as a worker, students and trying to switch in category of Tier1 Entrepreneur.

Personal Investment Amount

Canada Startup Visa

Business incubators are for profit and entire entrepreneurs has to pay fees for programs and services. Business incubators are similar to elite schools of business for entrepreneurs. They deliver membership and curriculum to emphasize your strengths and overcome the challenges.

Entrepreneurs are guided through syllabus of intensive business incubator by an experienced team of mentors who got practical experience of setting up firms all over North America and globally.

UK Tier 1 Entrepreneur Visa

This path let an entrepreneur to visit the UK for investing or establishing a business with the least investment of 2,00,000 pounds of their own money.

Genuine Entrepreneurs

Canada Startup Visa

In addition to meet the needs for language proficiency, attributes, funds, business incubators would only offer letters of help to individual who got entrepreneurial characteristics. And that includes applicants with business experience and business ideas, existing business seeking to relocate or begin a branch in North America, individuals who don’t have product or idea who got specific interest and mindset.

This Canada startup visa is not a path for the individuals who does not fulfill one of the needs or individuals seeking for passive investment.

UK Tier 1 Entrepreneur Visa

In addition to meet the needs for language proficiency, attributes, funds, an applicant should satisfy an immigration officer that they

Look to able to setup , take over or become a director of business in the UK in next six months.

Looking to invest 2,00,000 pounds in the relevant business

Have got 2,00,000 pounds with them for investing.

No intention of taking up an employment in the UK.

Entrepreneur teams or Co applicants

Canada Startup Visa

Not more than five overseas citizens might apply for PR as part of similar business project under startup visa program. Every of the five overseas citizens should be important to the business plan. Every applicant could bring their kids and spouse could accompany them towards Canada as PR.

UK Tier 1 Entrepreneur Visa

A business team of two applicants could apply together depending on similar funds and activity of business.

Ability in English Language

Both the visa programs need that the applicants have proficiency in English language to IELTS General Band 5.0.

Settlement Funds

Canada Startup Visa

A single applicant with no members of family to accompany should have 5750 pounds of bank savings for supporting themselves in Canada after being issued startup visa. if you are conjugal with children, you should have extra 1500 pounds for every accompanying dependent.

UK Tier 1 Entrepreneur

If you are from non EU nation looking for entrance clearance you should have got a minimum of 3310 pounds of savings that you should had held for three months of time prior the date of your application.

You should have 1890 pounds for every dependent if you are applying from out of the UK or has been in the country for less than a year. if you have been in the UK for over a period of year, you should have 630 pounds for every dependent.

Status Granted

Canada Startup Visa

Successful applicants are issued PR. Moreover, a Commitment letter from business incubator facilitate an applicant to apply for get a job permit in a week. The initial job permit facilitate an applicant to visit Canada, attend workshops at the incubator and fit in their firm under federal law of Canada.

UK Tier 1 Entrepreneur Visa

Applicants of this visa would be issued provisional residence of three years. Applicants could not opt to public funds, should register with police and could not take up the job other than doing work for the business which the applicant has set up.

Applicants would be issued an extension of two years for their visa where they could prove that they had fulfilled the conditions.